Investors steer clear of African startups with only local faces
Although funded startups in Africa grow six times faster than elsewhere in the world, raising seed capital is the biggest challenge. PHOTO | SHUTTERSTOCK
Business and Technology Reporter in Nairobi, Kenya
Nation Media Group
When Kune Food was established in Kenya last year, the company quickly raised seed capital of $1 million to solve a problem that seemed non-existent. Last month, just 10 months after starting operations, it shut down.
Kune’s business model was “to provide great food at a cheap price and create a strong food culture”, a gap that the founder, French national Robin Reecht, had identified within three days of being in Kenya.
